2018 Q1 Form 10-Q Financial Statement

#000102116218000009 Filed on February 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2016 Q4
Revenue $896.9M $775.2M $198.1M
YoY Change -2.51% 291.44% 1.87%
Cost Of Revenue $711.6M $630.9M $653.2M
YoY Change 11.73% -3.42% -5.58%
Gross Profit $140.6M $120.2M $162.0M
YoY Change -45.26% -25.79% -17.09%
Gross Profit Margin 15.68% 15.51% 81.8%
Selling, General & Admin $75.60M $62.89M $66.75M
YoY Change -0.92% -5.79% 1.64%
% of Gross Profit 53.76% 52.31% 41.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.10M $39.32M $44.33M
YoY Change -6.46% -11.3% 8.05%
% of Gross Profit 27.8% 32.7% 27.36%
Operating Expenses $114.7M $929.5M $789.7M
YoY Change -2.96% 17.7% -24.08%
Operating Profit -$310.4M -$154.2M $55.17M
YoY Change 168.8% -379.53% -143.7%
Interest Expense -$27.20M -$25.80M -$19.70M
YoY Change 9.68% 30.96% 24.68%
% of Operating Profit -35.71%
Other Income/Expense, Net $34.50M
YoY Change
Pretax Income -$307.2M -$145.5M $35.47M
YoY Change 118.96% -510.34% -124.97%
Income Tax -$2.300M -$32.29M $6.136M
% Of Pretax Income 17.3%
Net Earnings -$304.8M -$113.3M $29.33M
YoY Change 140.35% -486.1% -133.09%
Net Earnings / Revenue -33.99% -14.61% 14.81%
Basic Earnings Per Share -$6.16 -$2.29 $0.59
Diluted Earnings Per Share -$6.16 -$2.29 $0.59
COMMON SHARES
Basic Shares Outstanding 49.67M shares 49.46M shares 49.33M shares
Diluted Shares Outstanding 49.46M shares 49.44M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.80M $64.40M $35.50M
YoY Change -48.56% 81.41% -14.87%
Cash & Equivalents $35.82M $64.39M $35.46M
Short-Term Investments
Other Short-Term Assets $45.70M $43.50M $100.8M
YoY Change -11.09% -56.85% 18.17%
Inventory $1.427B $1.463B $1.474B
Prepaid Expenses
Receivables $376.6M $321.0M $307.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.923B $1.892B $1.918B
YoY Change 8.46% -1.38% -15.61%
LONG-TERM ASSETS
Property, Plant & Equipment $726.0M $749.9M $820.2M
YoY Change -9.82% -8.57% -10.37%
Goodwill $592.8M $934.5M $1.408B
YoY Change 0.0% -33.61% -31.1%
Intangibles $507.7M $520.8M $605.2M
YoY Change -14.3% -13.95% -14.69%
Long-Term Investments
YoY Change
Other Assets $57.63M $89.08M $107.8M
YoY Change -43.33% -17.36% -0.65%
Total Long-Term Assets $1.884B $2.294B $2.941B
YoY Change -28.68% -21.98% -22.12%
TOTAL ASSETS
Total Short-Term Assets $1.923B $1.892B $1.918B
Total Long-Term Assets $1.884B $2.294B $2.941B
Total Assets $3.807B $4.186B $4.859B
YoY Change -13.76% -13.85% -19.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $418.4M $387.1M $403.9M
YoY Change -13.07% -4.17% 12.2%
Accrued Expenses $235.9M $627.4M $561.8M
YoY Change -65.02% 11.68% 36.55%
Deferred Revenue $321.2M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.50M $15.10M $187.7M
YoY Change -89.73% -91.96% 338.55%
Total Short-Term Liabilities $992.4M $1.030B $1.168B
YoY Change -25.62% -11.82% 43.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.422B $1.360B $1.471B
YoY Change 37.28% -7.55% -10.23%
Other Long-Term Liabilities $441.9M $496.7M $558.5M
YoY Change -17.86% -11.06% -20.05%
Total Long-Term Liabilities $441.9M $496.7M $558.5M
YoY Change -17.86% -11.06% -20.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $992.4M $1.030B $1.168B
Total Long-Term Liabilities $441.9M $496.7M $558.5M
Total Liabilities $1.434B $1.526B $1.726B
YoY Change -23.39% -11.57% 14.1%
SHAREHOLDERS EQUITY
Retained Earnings $146.2M $453.0M $708.3M
YoY Change -74.78% -36.05% -58.72%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $179.1M $179.7M $184.7M
YoY Change -2.51% -2.69% -7.6%
Treasury Stock Shares 2.791M shares 2.798M shares 2.903M shares
Shareholders Equity $450.5M $748.5M $980.8M
YoY Change
Total Liabilities & Shareholders Equity $3.807B $4.186B $4.859B
YoY Change -13.76% -13.85% -19.67%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$304.8M -$113.3M $29.33M
YoY Change 140.35% -486.1% -133.09%
Depreciation, Depletion And Amortization $39.10M $39.32M $44.33M
YoY Change -6.46% -11.3% 8.05%
Cash From Operating Activities -$90.60M $100.8M -$41.50M
YoY Change -119.95% -342.89% -1192.11%
INVESTING ACTIVITIES
Capital Expenditures -$10.20M -$9.100M -$9.100M
YoY Change -45.45% 0.0% -64.03%
Acquisitions
YoY Change
Other Investing Activities $11.90M $500.0K $13.10M
YoY Change -81.11% -96.18% -127.46%
Cash From Investing Activities $1.700M -$8.600M $4.000M
YoY Change -96.16% -315.0% -105.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 55.40M -61.50M 37.10M
YoY Change -111.91% -265.77% -48.97%
NET CHANGE
Cash From Operating Activities -90.60M 100.8M -41.50M
Cash From Investing Activities 1.700M -8.600M 4.000M
Cash From Financing Activities 55.40M -61.50M 37.10M
Net Change In Cash -33.50M 30.70M -400.0K
YoY Change -200.3% -7775.0% -111.11%
FREE CASH FLOW
Cash From Operating Activities -$90.60M $100.8M -$41.50M
Capital Expenditures -$10.20M -$9.100M -$9.100M
Free Cash Flow -$80.40M $109.9M -$32.40M
YoY Change -117.0% -439.2% -211.34%

Facts In Submission

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1980000 USD
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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0 USD
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0 USD
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17729000 USD
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us-gaap Payments To Acquire Machinery And Equipment
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us-gaap Payments To Acquire Machinery And Equipment
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509641000 USD
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531500000 USD
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0 USD
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23185000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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68412000 USD
CY2017Q1 us-gaap Product Warranty Accrual
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107088000 USD
CY2017Q4 us-gaap Product Warranty Accrual
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222485000 USD
CY2017Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
409040000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
805030000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
749922000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
14000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-365000 USD
CY2016Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1568000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4725000 USD
CY2017Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-15940000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-21014000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
95744000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
369261000 USD
CY2017Q4 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
209000000 USD
CY2016Q4 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
14132000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
38476000 USD
CY2017Q4 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
6531000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
36289000 USD
CY2016Q4 us-gaap Restructuring Charges
RestructuringCharges
11067000 USD
us-gaap Restructuring Charges
RestructuringCharges
28180000 USD
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
6149000 USD
us-gaap Restructuring Charges
RestructuringCharges
33751000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
579489000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
452973000 USD
CY2016Q4 us-gaap Revenues
Revenues
198052000 USD
us-gaap Revenues
Revenues
561177000 USD
CY2017Q4 us-gaap Revenues
Revenues
184182000 USD
us-gaap Revenues
Revenues
529226000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
844863000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2612885000 USD
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
775246000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2302091000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
66750000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
205222000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
62147000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
213934000 USD
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2163000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6140000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2719000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6137000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y0M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Number Of Shares Period Increase Decrease
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease
150000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y0M
CY2017Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
30.86
us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
3
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
179134 shares
CY2017Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
2277789 shares
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
846473000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
748514000 USD
CY2017Q1 us-gaap Transfer Of Financial Assets Accounted For As Sales Amount Derecognized
TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized
78006000 USD
CY2017Q4 us-gaap Transfer Of Financial Assets Accounted For As Sales Amount Derecognized
TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized
0 USD
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2887891 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2798413 shares
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
183696000 USD
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
179692000 USD
CY2017Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
11752000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
17886000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10266000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11403000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
282000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
312000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1277000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
10266000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
11403000 USD
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49440000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49421000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49459000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49425000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49329000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49294000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49459000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49425000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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